Aby Rosen on Real Estate

Aby Rosen

Aby Rosen

Last December, Aby Rosen unveiled his extensive renovation of the Diamond Horseshoe, Billy Rose's famed New York City nightclub, which had been dormant for more than 60 years. "We want people to walk away and say, 'Wow, what just happened to me?' " Rosen says of Queen of the Night, the club's first show, an interactive mix of theater, circus, and dining that quickly became a hot ticket. It's a typically audacious project for Rosen, a canny real estate entrepreneur and noted bon vivant and art collector. His holdings include two of New York's architectural gems—the Seagram Building and Lever House—along with hotels and residential projects around the world. He may work with big names from Lord Norman Foster to John Pawson, but Rosen says, "I'm not afraid to push back. I don't want to be a guinea pig for anybody's dream."

Market Savvy

Market Savvy

At my firm, RFR Holding, we look for undervalued properties that have real potential but were mismanaged or poorly designed. Then we fix them. You have to pick investments that have longevity. You don't want to be the trendy hotel that opened three years ago that is no longer trendy.

I don't think New York City has peaked in terms of real estate values. The city is safe and fun, and a lot of people will always want to live here. Compared with many other cities, though, New York does not have enough housing inventory. Most of the newer residential buildings that have been built in the last few years, including several near the High Line, are quite small. And everything that is being built is luxury. There isn't enough new housing for the normal person.

ON THE MOVE

I would feel confident investing in real estate anywhere on the East Coast right now, as well as in places like Los Angeles and Silicon Valley. Globally, I often look at secondary cities. Everyone loves Paris, but how about Marseille? Milan is great, but so are Rome and Bologna. We hired John Pawson to renovate a 17th-century monastery in the old city of Jaffa, which is in Tel Aviv, Israel, one of the most dynamic cities right now.

In February, we started construction on a 61-story tower designed by Norman Foster, which will be located next to the Seagram Building. We are also turning the Watchtower, the old Jehovah's Witnesses headquarters in Brooklyn, into a new office environment with plug-and-go technology, event spaces, and bicycle access.